THOMAS BUYSE: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
THOMAS BUYSE
Largest movements
- Cash -€41,049
down €41,049 (-60.2%), from €68,211 to €27,162
mainly Contributions, distributions and other (-€161,548) and Current portion of long-term debt (-€4,870)
- Reserves -€118,355
down €118,355 (-73.3%), from €161,548 to €43,193
- Advances received +€45,375
new in 2025: €45,375
- Trade debts +€36,170
up €36,170 (+959%), from €3,771 to €39,941
- Current portion of long-term debt -€4,870
down €4,870 (-100%), from €4,870 to €0
- Gross operating margin -€145,542
down €145,542 (-69.2%), from €210,298 to €64,756
- Taxes -€35,219
down €35,219 (-63.0%), from €55,869 to €20,651
- Financial income -€7,916
down €7,916 (-76.8%), from €10,305 to €2,389
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €204,788 | €164,201 | -€40,588 | -19.8% |
| Fixed assets | 21/28 | €6,550 | €4,869 | -€1,681 | -25.7% |
| Tangible fixed assets | 22/27 | €6,550 | €4,869 | -€1,681 | -25.7% |
| Furniture and vehicles | 24 | €6,550 | €4,869 | -€1,681 | -25.7% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €198,239 | €159,332 | -€38,907 | -19.6% |
| Amounts receivable after more than one year | 29 | €46,586 | €48,210 | +€1,623 | +3.5% |
| Other amounts receivable | 291 | €46,586 | €48,210 | +€1,623 | +3.5% |
| Amounts receivable within one year | 40/41 | €71,463 | €72,409 | +€945 | +1.3% |
| Trade receivables | 40 | €57,646 | €39,275 | -€18,371 | -31.9% |
| Other amounts receivable | 41 | €13,818 | €33,134 | +€19,317 | +140% |
| Current investments | 50/53 | €11,552 | €11,552 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €68,211 | €27,162 | -€41,049 | -60.2% |
| Deferred charges and accrued income | 490/1 | €426 | €0 | -€426 | -100% |
| Total equity and liabilities | 10/49 | €204,788 | €164,201 | -€40,588 | -19.8% |
| Equity | 10/15 | €180,148 | €61,793 | -€118,355 | -65.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €161,548 | €43,193 | -€118,355 | -73.3% |
| Distributable reserves | 133 | €161,548 | €43,193 | -€118,355 | -73.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €24,641 | €102,408 | +€77,767 | +316% |
| Amounts payable after more than one year | 17 | €15,000 | €15,000 | = | 0.0% |
| Financial debts | 170/4 | €15,000 | €15,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €8,641 | €86,044 | +€77,403 | +896% |
| Current portion of amounts payable after more than one year | 42 | €4,870 | €0 | -€4,870 | -100% |
| Trade debts | 44 | €3,771 | €39,941 | +€36,170 | +959% |
| Suppliers | 440/4 | €3,771 | €39,941 | +€36,170 | +959% |
| Advances received on contracts in progress | 46 | - | €45,375 | +€45,375 | |
| Taxes, remuneration and social security | 45 | €0 | €327 | +€327 | |
| Taxes | 450/3 | €0 | €327 | +€327 | |
| Other amounts payable | 47/48 | €0 | €401 | +€401 | |
| Accrued charges and deferred income | 492/3 | €1,000 | €1,364 | +€364 | +36.4% |
| Non-recurring operating income | 76A | €7,609 | €0 | -€7,609 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,208 | €2,419 | +€211 | +9.6% |
| Other operating charges | 640/8 | €739 | €650 | -€89 | -12.1% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €210,298 | €64,756 | -€145,542 | -69.2% |
| Operating profit (loss) | 9901 | €207,350 | €61,687 | -€145,663 | -70.2% |
| Financial income | 75/76B | €10,305 | €2,389 | -€7,916 | -76.8% |
| Recurring financial income | 75 | €10,305 | €2,389 | -€7,916 | -76.8% |
| Financial charges | 65/66B | €238 | €231 | -€6 | -2.6% |
| Recurring financial charges | 65 | €238 | €231 | -€6 | -2.6% |
| Profit (loss) for the period before taxes | 9903 | €217,417 | €63,844 | -€153,573 | -70.6% |
| Income taxes | 67/77 | €55,869 | €20,651 | -€35,219 | -63.0% |
| Profit (loss) for the period | 9904 | €161,548 | €43,193 | -€118,355 | -73.3% |
| Profit (loss) for the period to be appropriated | 9905 | €161,548 | €43,193 | -€118,355 | -73.3% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.